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OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC — 13F Holdings & Portfolio

CIK 1005607 · latest 13F-HR filed 2026-08-04

Backtest portfolio

OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC manages $1.80B in 13F-reported U.S. long-equity assets across 203 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are VEU (8.55%), VWO (3.94%), AAPL (3.85%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 17 new positions and exited 11; 93 existing positions rose in reported value and 62 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$1.80B

Long-equity book

Holdings
203

Distinct positions

Period
2026-06-30

Filed 2026-08-04

Q/Q Activity
+17 / −11 / ↑93 / ↓62

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
VEU8.5% · -0%VWO3.9% · -0%AAPL3.8% · -16%MSFT2.9% · -10%EWJ2.7% · +0%VNQ2.5% · -4%VGK2.4% · +1%GOOG2.3% · -3%AMZN2.1% · -11%NVDA2.0% · -4%RWX1.8% · +2%DJP1.7% · -1%JPM1.7% · -16%AMD1.7% · -52%GOOGL1.6% · -13%SRLN1.6% · -6%DAX1.5% · +2%EWN1.5% · -0%XBI1.5% · -1%ILF1.2% · -0%ICSH1.2% · -29%TMO1.2% · -5%MNA1.2% · +3%TLT1.1% · +2%PANW1.1% · -60%SGOV1.1% · -56%SPY1.1% · -1%ICVT1.0% · +0%GXC1.0% · +1%META0.9% · +2%XYZ0.9% · -10%CCL0.9% · newTTWO0.8% · +0%MELI0.8% · -12%USDU0.8% · +5%ASML0.8% · -1%DHR0.8% · -24%INCO0.8% · -12%BWA0.7% · -42%APD0.7% · -1%RYAAY0.7% · +1%PRF0.7% · -0%NXPI0.7% · -22%AMJB0.7% · -1%V0.7% · -22%CVS0.7% · -4%ZGN0.7% · -1%DIS0.7% · -1%KMI0.6% · +0%PSX0.6% · -1%CZR0.6% · -2%UNH0.6% · +0%BABA0.6% · -3%CRM0.6% · -10%MRSH0.6% · -21%ACWX0.6% · 0%VCSH0.6% · -19%TREX0.6% · -4%ABT0.6% · -2%BKNG0.5% · +2588%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

3 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 33.3%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Aug 18, 2026.

Assets Under Management
$2.65B
Discretionary
$2.61B
Employees
18
Accounts
2,125
Address
ONE EMBARCADERO CENTER
STE 4100
SAN FRANCISCO, CA 94111
Phone
(415) 362-5637
Website
Name Title / Status Ownership Type
ELSE, CHARLES, JOSEPH ControlPRINCIPAL
since Jan 2013
Less than 5%Individual
MCNICHOLS, JUSTIN, WELLINGTON ControlCHIEF INVESTMENT OFFICER/PORTFOLIO MANAGER/PRINCIPAL
since Apr 2000
25–50%Individual
OPCM HOLDINGS, LLC ControlCAPITAL INVESTOR ENTITY
since Sep 2005
25–50%Domestic Entity
VON BERG, SONIA, J ControlCHIEF OPERATING OFFICER/PRINCIPAL
since Nov 2018
Less than 5%Individual
FOCUS FINANCIAL PARTNERS, LLCCAPITAL INVESTOR ENTITY
since Dec 2020
10–25%Domestic Entity
HAUT, DANIEL, MANESWEALTH COUNSELOR/PRINCIPAL
since Jan 2021
Less than 5%Individual
KASTING, JONATHAN, GLENNCHIEF COMPLIANCE OFFICER
since Aug 2026
Less than 5%Individual
SKAALEN, JAY, MICHAELANALYST/PRINCIPAL
since Jan 2020
Less than 5%Individual
FOCUS FINANCIAL PARTNERS INC. Control
Indirect owner via FOCUS FINANCIAL PARTNERS, LLC
ENTITY THAT OWNS FOCUS FINANCIAL PARTNERS, LLC
since Jul 2018
75% or moreDomestic Entity
VILLARINA, NORMAN, DINO Control
Indirect owner via OPCM HOLDINGS, LLC
PARTNER OF OPCM HOLDINGS, LLC
since Dec 2002
General partner, trustee or managerIndividual
WERTHEIMER, DOUGLAS, STEPHEN Control
Indirect owner via OPCM HOLDINGS, LLC
PARTNER OF OPCM HOLDINGS, LLC
since Jan 2008
General partner, trustee or managerIndividual
Ownership & leadership changes · 17 filings with changes since Mar 30, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Aug 18, 2026 filing
  • No longer listedFABIAN, CHRISTY, JEAN · CHIEF COMPLIANCE OFFICER · Less than 5% · listed since Aug 2025
  • AddedKASTING, JONATHAN, GLENN · CHIEF COMPLIANCE OFFICER · Less than 5%
Aug 1, 2025 filing
  • AddedFABIAN, CHRISTY, JEAN · CHIEF COMPLIANCE OFFICER · Less than 5%
  • ChangedVON BERG, SONIA, J · title CHIEF COMPLIANCE OFFICER / CHIEF OPERATING OFFICER/PRINCIPAL → CHIEF OPERATING OFFICER/PRINCIPAL
Jun 3, 2025 filing
  • No longer listedCHENG, ALICIA, WAN-LING · CHIEF COMPLIANCE OFFICER/PRINCIPAL · Less than 5% · control person · listed since Nov 2012
  • ChangedVON BERG, SONIA, J · title CHIEF OPERATING OFFICER/PRINCIPAL → CHIEF COMPLIANCE OFFICER / CHIEF OPERATING OFFICER/PRINCIPAL
Mar 31, 2025 filing
  • No longer listedINDUSTRY CAPITAL PARTNERS II, LLC. · ENTITY THAT OWNS OPCM HOLDINGS LLC · 25–50% · indirect via OPCM HOLDINGS, LLC · control person · listed since Dec 2009
  • No longer listedVILLARINA, NORMAN, DINO · MANAGING PARTNER · General partner, trustee or manager · indirect via INDUSTRY CAPITAL PARTNERS II, LLC. · control person · listed since Dec 2002
  • No longer listedWERTHEIMER, DOUGLAS, STEPHEN · PARTNER · General partner, trustee or manager · indirect via INDUSTRY CAPITAL PARTNERS II, LLC. · control person · listed since Jan 2008
  • AddedVILLARINA, NORMAN, DINO · PARTNER OF OPCM HOLDINGS, LLC · General partner, trustee or manager · indirect via OPCM HOLDINGS, LLC · control person
  • AddedWERTHEIMER, DOUGLAS, STEPHEN · PARTNER OF OPCM HOLDINGS, LLC · General partner, trustee or manager · indirect via OPCM HOLDINGS, LLC · control person
Mar 27, 2024 filing
  • AddedFOCUS FINANCIAL PARTNERS INC. · ENTITY THAT OWNS FOCUS FINANCIAL PARTNERS, LLC · 75% or more · indirect via FOCUS FINANCIAL PARTNERS, LLC · control person
Apr 20, 2023 filing
  • ChangedOPCM HOLDINGS, LLC · now a control person
Mar 22, 2023 filing
  • ChangedHAUT, DANIEL, MANES · title PORTFOLIO COUNSELOR/PRINCIPAL → WEALTH COUNSELOR/PRINCIPAL
Mar 29, 2022 filing
  • No longer listedOSBORNE, CHARLES, DEVENS · CHAIRMAN OF THE BOARD · 5–10% · control person · listed since Mar 2012
  • No longer listedVILLARINA, NORMAN, DINO · EXECUTIVE COMMITTEE OFFICER · Less than 5% · control person · listed since Sep 2005
  • ChangedINDUSTRY CAPITAL PARTNERS II, LLC. · indirect via OPCM HOLDINGS, LLC: title ENTITY THAT OWNS OPCM SHARES → ENTITY THAT OWNS OPCM HOLDINGS LLC
  • ChangedOPCM HOLDINGS, LLC · title CAPITAL INVESTOR ENTITY IN FIRM → CAPITAL INVESTOR ENTITY
  • ChangedVON BERG, SONIA, J · title CHIEF OPERATIONS OFFICER/PRINCIPAL → CHIEF OPERATING OFFICER/PRINCIPAL
Mar 17, 2021 filing
  • No longer listedBALLENTINE, JAMES, MACALLAN · CAPITAL INVESTOR · Less than 5% · listed since Jan 2020
  • No longer listedHEDLUND, ROBERT, GUSTAF · EXECUTIVE COMMITTEE OFFICER/CAPITAL INVESTOR · Less than 5% · control person · listed since Oct 2010
  • No longer listedKENEALY, DEGLIN, FRANCIS · BOARD MEMBER/ADVISOR · 5–10% · listed since Aug 2015
  • No longer listedKIRK, JOHN, ALEXANDER · CAPITAL INVESTOR · Less than 5% · listed since Jan 2020
  • No longer listedMCDADE III, HERBERT, H. · CAPITAL INVESTOR · Less than 5% · listed since Jan 2020
  • No longer listedSEYMOUR, JEFFREY, JOSEPH · CAPITAL INVESTOR · Less than 5% · listed since Jan 2020
  • AddedFOCUS FINANCIAL PARTNERS, LLC · CAPITAL INVESTOR ENTITY · 10–25%
  • AddedHAUT, DANIEL, MANES · PORTFOLIO COUNSELOR/PRINCIPAL · Less than 5%
  • ChangedINDUSTRY CAPITAL PARTNERS II, LLC. · indirect via OPCM HOLDINGS, LLC: ownership 75% or more → 25–50%
  • ChangedOSBORNE, CHARLES, DEVENS · title CHAIRMAN OF THE BOARD/PRINCIPAL → CHAIRMAN OF THE BOARD
  • ChangedVILLARINA, NORMAN, DINO · indirect via INDUSTRY CAPITAL PARTNERS II, LLC.: ownership 75% or more → General partner, trustee or manager
Mar 17, 2020 filing
  • No longer listedHEDLUND, ROBERT, GUSTAF · PARTNER · General partner, trustee or manager · indirect via RIVER BIRCH CAPITAL GP, LLC · control person · listed since Oct 2010
  • No longer listedRIVER BIRCH CAPITAL GP, LLC · ENTITY THAT OWNS OPCM SHARES · General partner, trustee or manager · indirect via RIVER BIRCH CAPITAL PARTNERS, LP · listed since Oct 2010
  • No longer listedRIVER BIRCH CAPITAL PARTNERS, LP · CAPITAL INVESTOR IN FIRM · 10–25% · listed since Oct 2010
  • AddedBALLENTINE, JAMES, MACALLAN · CAPITAL INVESTOR · Less than 5%
  • AddedKIRK, JOHN, ALEXANDER · CAPITAL INVESTOR · Less than 5%
  • AddedMCDADE III, HERBERT, H. · CAPITAL INVESTOR · Less than 5%
  • AddedSEYMOUR, JEFFREY, JOSEPH · CAPITAL INVESTOR · Less than 5%
  • AddedSKAALEN, JAY, MICHAEL · ANALYST/PRINCIPAL · Less than 5%
  • ChangedHEDLUND, ROBERT, GUSTAF · title EXECUTIVE COMMITTEE OFFICER → EXECUTIVE COMMITTEE OFFICER/CAPITAL INVESTOR
Older changes (8 more filings)
Mar 26, 2019 filing
  • AddedELSE, CHARLES, JOSEPH · PRINCIPAL · Less than 5% · control person
  • AddedVON BERG, SONIA, J · CHIEF OPERATIONS OFFICER/PRINCIPAL · Less than 5% · control person
  • ChangedCHENG, ALICIA, WAN-LING · title CHIEF COMPLIANCE OFFICER → CHIEF COMPLIANCE OFFICER/PRINCIPAL; now a control person
  • ChangedMCNICHOLS, JUSTIN, WELLINGTON · title CHIEF INVESTMENT OFFICER/PORTFOLIO MANAGER/PARTNER → CHIEF INVESTMENT OFFICER/PORTFOLIO MANAGER/PRINCIPAL
  • ChangedOSBORNE, CHARLES, DEVENS · title CHAIRMAN OF THE BOARD/PRINCIPAL PARTNER → CHAIRMAN OF THE BOARD/PRINCIPAL
Mar 28, 2018 filing
  • ChangedKENEALY, DEGLIN, FRANCIS · ownership 10–25% → 5–10%
Mar 30, 2016 filing
  • ChangedRIVER BIRCH CAPITAL PARTNERS, LP · ownership 5–10% → 10–25%
Sep 21, 2015 filing
  • ChangedKENEALY, DEGLIN, FRANCIS · title CHIEF EXECUTIVE OFFICER → BOARD MEMBER/ADVISOR; ownership 25–50% → 10–25%; no longer a control person
  • ChangedMCNICHOLS, JUSTIN, WELLINGTON · ownership 10–25% → 25–50%
  • ChangedOSBORNE, CHARLES, DEVENS · ownership Less than 5% → 5–10%
Mar 28, 2014 filing
  • No longer listedVILLARINA, NORMAN, DINO · GENERAL PARTNER · 75% or more · indirect via INDUSTRY CAPITAL MANAGEMENT, LLC · control person · listed since Dec 2002
  • No longer listedWERTHEIMER, DOUGLAS, STEPHEN · GENERAL PARTNER · General partner, trustee or manager · indirect via INDUSTRY CAPITAL MANAGEMENT, LLC. · control person · listed since Jan 2008
  • AddedHEDLUND, ROBERT, GUSTAF · PARTNER · General partner, trustee or manager · indirect via RIVER BIRCH CAPITAL GP, LLC · control person
  • AddedVILLARINA, NORMAN, DINO · MANAGING PARTNER · 75% or more · indirect via INDUSTRY CAPITAL PARTNERS II, LLC. · control person
  • AddedWERTHEIMER, DOUGLAS, STEPHEN · PARTNER · General partner, trustee or manager · indirect via INDUSTRY CAPITAL PARTNERS II, LLC. · control person
Apr 1, 2013 filing
  • ChangedKENEALY, DEGLIN, FRANCIS · ownership 10–25% → 25–50%
Jan 16, 2013 filing
  • No longer listedGILLOOLY, ROBERT, CHRISTOPHER · PORTFOLIO MANAGER/PARTNER · 10–25% · control person · listed since Dec 1999
  • No longer listedLEMON, SHANNON, STACY · CHIEF COMPLIANCE OFFICER/PARTNER · Less than 5% · control person · listed since Oct 2004
  • AddedCHENG, ALICIA, WAN-LING · CHIEF COMPLIANCE OFFICER · Less than 5%
  • ChangedMCNICHOLS, JUSTIN, WELLINGTON · title PORTFOLIO MANAGER/PARTNER → CHIEF INVESTMENT OFFICER/PORTFOLIO MANAGER/PARTNER
Mar 30, 2012 filing (earliest on record)
  • ListedGILLOOLY, ROBERT, CHRISTOPHER · PORTFOLIO MANAGER/PARTNER · 10–25% · control person
  • ListedHEDLUND, ROBERT, GUSTAF · EXECUTIVE COMMITTEE OFFICER · Less than 5% · control person
  • ListedINDUSTRY CAPITAL PARTNERS II, LLC. · ENTITY THAT OWNS OPCM SHARES · 75% or more · indirect via OPCM HOLDINGS, LLC · control person
  • ListedKENEALY, DEGLIN, FRANCIS · CHIEF EXECUTIVE OFFICER · 10–25% · control person
  • ListedLEMON, SHANNON, STACY · CHIEF COMPLIANCE OFFICER/PARTNER · Less than 5% · control person
  • ListedMCNICHOLS, JUSTIN, WELLINGTON · PORTFOLIO MANAGER/PARTNER · 10–25% · control person
  • ListedOPCM HOLDINGS, LLC · CAPITAL INVESTOR ENTITY IN FIRM · 25–50%
  • ListedOSBORNE, CHARLES, DEVENS · CHAIRMAN OF THE BOARD/PRINCIPAL PARTNER · Less than 5% · control person
  • ListedRIVER BIRCH CAPITAL GP, LLC · ENTITY THAT OWNS OPCM SHARES · General partner, trustee or manager · indirect via RIVER BIRCH CAPITAL PARTNERS, LP
  • ListedRIVER BIRCH CAPITAL PARTNERS, LP · CAPITAL INVESTOR IN FIRM · 5–10%
  • ListedVILLARINA, NORMAN, DINO · GENERAL PARTNER · 75% or more · indirect via INDUSTRY CAPITAL MANAGEMENT, LLC · control person
  • ListedVILLARINA, NORMAN, DINO · EXECUTIVE COMMITTEE OFFICER · Less than 5% · control person
  • ListedWERTHEIMER, DOUGLAS, STEPHEN · GENERAL PARTNER · General partner, trustee or manager · indirect via INDUSTRY CAPITAL MANAGEMENT, LLC. · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 VANGUARD INTL EQUITY INDEX F VEU 922042775 $153.8M 8.55% 1,836,963 SH
2 VANGUARD INTL EQUITY INDEX F VWO 922042858 $70.8M 3.94% 1,186,805 SH
3 APPLE INC AAPL 037833100 $69.3M 3.85% 239,363 SH
4 MICROSOFT CORP MSFT 594918104 $52.6M 2.92% 141,053 SH
5 ISHARES INC EWJ 46434G822 $49.5M 2.75% 530,341 SH
6 VANGUARD INDEX FDS VNQ 922908553 $44.8M 2.49% 464,333 SH
7 VANGUARD INTL EQUITY INDEX F VGK 922042874 $43.7M 2.43% 493,178 SH
8 ALPHABET INC GOOG 02079K107 $41.0M 2.28% 116,116 SH
9 AMAZON COM INC AMZN 023135106 $38.0M 2.11% 159,640 SH
10 NVIDIA CORPORATION NVDA 67066G104 $35.7M 1.98% 178,271 SH
11 SPDR INDEX SHS FDS RWX 78463X863 $31.8M 1.76% 1,176,078 SH
12 BARCLAYS BANK PLC DJP 06738C778 $31.1M 1.73% 710,414 SH
13 JPMORGAN CHASE & CO JPM 46625H100 $30.6M 1.70% 93,527 SH
14 ADVANCED MICRO DEVICES INC AMD 007903107 $30.1M 1.67% 51,791 SH
15 ALPHABET INC GOOGL 02079K305 $29.4M 1.63% 82,223 SH
16 SSGA ACTIVE ETF TR SRLN 78467V608 $29.2M 1.62% 723,630 SH
17 GLOBAL X FDS DAX 37954Y491 $27.7M 1.54% 627,800 SH
18 ISHARES INC EWN 464286814 $27.6M 1.53% 392,552 SH
19 SPDR SERIES TRUST XBI 78464A870 $26.7M 1.49% 169,027 SH
20 ISHARES TR ILF 464287390 $21.9M 1.21% 647,988 SH
21 ISHARES TR ICSH 46434V878 $21.8M 1.21% 431,446 SH
22 THERMO FISHER SCIENTIFIC INC TMO 883556102 $20.9M 1.16% 41,743 SH
23 NEW YORK LIFE INVESTMENTS ET MNA 45409B800 $20.9M 1.16% 571,652 SH
24 ISHARES TR TLT 464287432 $19.5M 1.08% 225,391 SH
25 PALO ALTO NETWORKS INC PANW 697435105 $19.4M 1.08% 56,975 SH
26 ISHARES TR SGOV 46436E718 $19.3M 1.07% 191,811 SH
27 STATE STR SPDR S&P 500 ETF T SPY 78462F103 $19.0M 1.05% 25,414 SH
28 ISHARES TR ICVT 46435G102 $18.3M 1.02% 150,291 SH
29 SPDR INDEX SHS FDS GXC 78463X400 $17.1M 0.95% 198,188 SH
30 META PLATFORMS INC META 30303M102 $16.5M 0.92% 29,299 SH
31 BLOCK INC XYZ 852234103 $16.3M 0.91% 214,915 SH
32 CARNIVAL CORP LTD CCL G2004J103 $15.6M 0.87% 546,785 SH
33 TAKE-TWO INTERACTIVE SOFTWAR TTWO 874054109 $15.0M 0.83% 59,826 SH
34 MERCADOLIBRE INC MELI 58733R102 $14.9M 0.83% 8,802 SH
35 WISDOMTREE TR USDU 97717W471 $14.9M 0.83% 556,910 SH
36 ASML HLDG NV ASML N07059210 $14.6M 0.81% 7,341 SH
37 DANAHER CORP DEL DHR 235851102 $14.3M 0.80% 75,311 SH
38 COLUMBIA ETF TR II INCO 19762B707 $13.7M 0.76% 230,518 SH
39 BORGWARNER INC BWA 099724106 $13.4M 0.74% 201,332 SH
40 AIR PRODUCTS AND CHEMICALS I APD 009158106 $13.3M 0.74% 45,373 SH
41 RYANAIR HOLDINGS PLC RYAAY 783513203 $13.2M 0.73% 203,810 SH
42 INVESCO EXCHANGE TRADED FD T PRF 46137V613 $12.7M 0.71% 235,402 SH
43 NXP SEMICONDUCTORS N V NXPI N6596X109 $12.7M 0.71% 45,181 SH
44 JPMORGAN CHASE FINL CO LLC AMJB 48133Q309 $12.6M 0.70% 364,721 SH
45 VISA INC V 92826C839 $12.4M 0.69% 36,231 SH
46 CVS HEALTH CORP CVS 126650100 $12.3M 0.69% 119,356 SH
47 ERMENEGILDO ZEGNA N V ZGN N30577105 $12.2M 0.68% 936,573 SH
48 DISNEY WALT CO DIS 254687106 $11.9M 0.66% 123,970 SH
49 KINDER MORGAN INC DEL KMI 49456B101 $11.7M 0.65% 364,609 SH
50 PHILLIPS 66 PSX 718546104 $11.1M 0.62% 65,747 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-04 $1.80B 203 0001765380-26-000264
2026-03-31 2026-04-27 $1.89B 197 0001765380-26-000127
2025-12-31 2026-01-27 $1.94B 196 0001765380-26-000042
Filer Information
Address
ONE EMBARCADERO CENTER
SUITE 4100
SAN FRANCISCO, CA 94111
Phone
(415) 362-5637
Filing Manager
OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC
SAN FRANCISCO, CA
Signatory
Christy Fabian
Chief Compliance Officer